Billionaire chairman of Greenlight Capital Inc., David Einhorn, is one of the most closely followed hedge fund managers. According to the latest disclosure with SEC, Einhorn made several tweaks to the fund portfolio in Q3. While Greenlight Capital snapped up the shares of Micron Technology, Inc. (MU) for Q3, it also made generous cuts to the holdings of General Motors Company (GM) and Apple Inc. (AAPL).

David Michael Einhorn has made a name for himself as a talented short-seller as well as a long-term value investor. He’s well-known for his 2002 short bet of Allied Capital and, later, his short position against Lehman Brothers that he kept open all the way to the company’s bankruptcy. A dedicated poker player, Einhorn graduated summa cum laude with distinction in all subjects from Cornell University, where he earned a B.A. in Government, from the College of Arts and Sciences. “The market remains very challenging for value investing strategies, as growth stocks have continued to outperform value stocks. The persistence of this dynamic leads to questions regarding whether value investing is a viable strategy,” Einhorn said last month as he explained why he won’t be investing in Tesla or Amazon.

Einhorn was only 27 when he launched Greenlight Capital Inc. in January 1996, starting out with less than $1 million AUM. Two decades years later, the fund today manages over $6.27 billion of client money as per TipRanks statistics and has a portfolio gain of 94.8% since June 2013. The fund’s success is the driving force behind Einhorn’s personal net worth of $1.5 billion.

Let us now take a look at his strategic portfolio moves in Q3.

Micron Technology, Inc. 

Einhorn ramped up his holdings of fast-growing semiconductor Micron Technology, Inc. by 89.51%, translating to a total value of $197.51 million. This proved to be a good move, as the company has surged by nearly 21% since the last filing.

JPMorgan analyst Harlan Sur had recently raised his price target for Micron Technology to $55 citing his firm’s fifth consecutive positive revision to its near/mid-term Global Memory Model. The analyst said that his increased estimates for Micron take into account near-term increases in spot and contract pricing in DRAM and NAND.

Similarly, Deutsche Bank analyst Sidney Ho also raised PT of Micron Technology to $50 and reiterated a Buy rating on the shares. The analyst increased his estimates for Micron following comments by memory and equipment companies in the past few weeks as well as additional checks with the supply chain. The analyst sees better DRAM pricing in the next two quarters, less conservative NAND pricing in the second half of 2018 and more stable margins in 2018/2019.

According to TipRanks, there is a strong buy consensus for Micron Technology. Out of the 24 analysts who have rated the company in the past 3 months, 22 gave a Buy rating and 2 remained on the sidelines. The average 12-month price target for the stock is $51.27, marking a 3.79% upside from current levels. You can click on the screenshot for further insights into MU.

General Motors Company

Einhorn believes his GM position is less favorable than the last quarter, as the hedge fund guru dialed down the stake in the company by 36.88% in Q3. Interestingly, even after the recent decrease, General Motors Company is still the biggest holding of the hedge fund. GM accounts for 22.24% of the overall portfolio and has a total value of $1.4 billion.

In a recent research report, Rod Lache of Deutsche Bank recommended buying General Motors and named it as his top pick in U.S. Autos, heading into 2018. However, some other like Philippe Houchois from Jefferies Houchois remain on the sidelines. Houchois noted his surprise on GM management’s tolerance for low net liquidity and has said that he finds it too early to give value to GM’s new mobility earnings.

Based on TipRanks’ statistics, out of all the analysts who have rated GM in the last 3 months, 43% are bullish, 50% are bearish and 7% remain on the sidelines. The average 12-month price target for the stock is $46.67, marking a 3.78% upside from current levels.

Apple Inc.

Apple seems to have fallen out of favor in Q3, as the hedge fund slashed its holdings by a whopping -44.18% in the tech titan. Despite the trimming, the fund still managed to capture a generous profit from the 10.69% rise of the stock since filing, as it currently owns shares worth $337.97M in AAPL.

Interestingly, analysts like Morgan Stanley’s Katy Huberty are optimistic about AAPL. Huberty, after analyzing Apple’s latest 10-K filing, pointed to three metrics – off-balance sheet purchase commitments; vendor nontrade receivables; and inventory – as evidence that the company is preparing for a strong iPhone cycle.

Top analyst Michael Walkley at Canaccord did some survey work in North America on back of the launch of iPhone X. In his recent report, Walkley says that if the company can step up its iPhone X supply game for the 256 GB models, this should translate for robust holiday sales. Meanwhile, Aaron Rakers from Wells Fargo has taken a cautious stance. He explains, “given the tight memory supply/demand dynamics, Apple’s results could be negatively affected by lack of supply or higher-than-expected prices”.

We can see that AAPL continues to exhibit as a strong buy on TipRanks analytics, with 25 buy ratings and 5 hold ratings in the last three months. The stock has an average price target of $188.24 which translates to 8.72% upside potential from the current share price.